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Listed investment company advised on selling of 135m shares

Global firm Ashurst has advised BKI Investment Company on its $202 million equity capital raising.

May 14, 2018 • By Jerome Doraisamy
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Listed investment company advised on selling of 135m shares
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Firm: Ashurst (BKI Investment Company Limited); Allens (joint lead managers Evans Dixon Corporate Advisory).

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Deal: Ashurst has acted as Australian legal advisor to BKI in relation to its offer of up to approximately 134,840,599 new fully ordinary shares to raise over $200 million by way of an entitlement offer, shortfall offer and general offer.

 
 

Value: Up to approximately $202 million.

Area: Equity capital markets.

Key players: The Ashurst team was led by corporate partner Anton Harris.

Deal significance: In early May of this year, BKI announced an equity capital raising comprising of a non-renounceable pro rata entitlement offer to eligible shareholders at $1.50 per new share, to raise approximately $62.2 million.

If that wasn’t fully taken up, a shortfall offer would be made to the general public, including eligible shareholders who wanted additional value, at the same offer price. In addition, a general offer to the public was then made to raise up to approximately $140 million.

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Ashurst said in a statement that: “the net proceeds from the offers will be used by BKI to expand its investment portfolio in accordance with its investment strategy”.

 

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Jerome Doraisamy

Jerome Doraisamy

Author

Jerome Doraisamy is the managing editor of professional services (including Lawyers Weekly, HR Leader, Accountants Daily, and Accounting Times). He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.

You can email Jerome at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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